Clarion takes 708,000 sq ft in Widnes
The real estate investment fund manager has acquired three distribution warehouses at Gorsey Point.
Clarion Partners Europe has purchased a total of 708,000 sq ft of industrial space from Mirastar, KKR Real Estate Partners’ industrial and logistics platform.
It is understood that Clarion acquired the warehouses for a price in the region of £90m.
Located off Gorsey Lane, Gorsey Point was delivered in two phases.
Phase one provided a 395,000 sq ft warehouse. The unit is single-let to Supply Chain Coordination, which manages the NHS supply chain operations.
Phase two created 313,000 sq ft of industrial space across two units.
The larger 258,500 sq ft unit is also single-let to Kammac, a third-party logistics provider. The smaller 54,500 sq ft unit is currently vacant.
Clarion was advised by Gerald Eve and Goodwin Procter on the sale. Mirastar was advised by DTRE, CBRE, Clifford Chance, and Osborne Clarke.
Matthew Tatlock, vice president of Clarion, said: “Widnes, being a prime logistics destination, enjoys robust occupier demand, and offers the advantage of proximity to two major regional metropolitan areas in the UK.
“This favourable location has limited availability and a muted development pipeline, creating an environment for future rental growth.”
Rory Buck, managing director of Clarion, added: “We believe that the UK logistics market currently represents an attractive investment opportunity.
“We have significant firepower to deploy into the market and as we expand our portfolio, our focus remains on acquiring newly developed, sustainable, and high-quality logistics assets, leased to strong counterparties in locations benefiting from limited supply, and upward pressure on rents.”
This purchase marks Clarion’s second UK acquisition this year. In March, the company acquired 302,200 sq ft of warehouse space in Peterborough for £52m.
